NZDCAD is providing a nice trading setup. Simplicity gives the best way to trade.
*This is not financial advice. I am not a licensed financial advisor. I am not responsible for losses or gains that may or may not occur in the marketplace.
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. There is a possibility of temporary retracement to suggested support line (0.8501). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
NZDCAD is approaching a strong level of resistance.
We have an opportunity to catch a retracement.
pay close attention to a potential head and shoulders formation.
market is currently forming a right shoulder.
let it complete it and then look for an occasional breakout.
Target levels will be:
stop will be...
NZDCAD (1H) - short term bullish bias
Following its 4-week-long M-shaped consolidation, the New Zealand dollar had rallied to the September high and the psychological price tag of 0.8500. The retracement was met with strong buying interests at the 61.8% (0.8360) Fibonacci level, which coincides with the moving averages on the daily chart. We expect the price to...